As the festival season approaches, fulfilling your dream of owning a house is now within reach with government assistance.
India’s government has introduced multiple schemes to reduce the financial burden of home loans, making homeownership a reality for many.
Pradhan Mantri Awas Yojana
The Pradhan Mantri Awas Yojana offers interest subsidies on home loans for economically disadvantaged individuals and middle-income groups. These subsidies can be as high as 6.5% of the loan amount.
Credit Linked Subsidy Scheme
A part of the PMAY initiative, this scheme provides interest subsidies on home loans for various income groups.
The subsidy can reach up to 6.5% of the loan amount and is available for a maximum of 20 years.
Stamp Duty and Registration Fee Waivers
During the festive season, some state governments provide exemptions from stamp duty and registration fees, providing additional savings.
Reduced GST Rates
The government has lowered the GST on affordable housing from 12% to 5% and on other properties from 18% to 5%.
These reductions can significantly reduce the overall cost of the property and the associated home loan.
Interest Subsidy Scheme for Small Urban Housing
The Indian government plans to invest Rs 600 billion over the next five years to offer subsidized loans for small urban housing.
This scheme provides a 3% to 6.5% subsidy on loan amounts up to Rs 9 lakh.
If you plan to take a home loan this festival season, consider exploring these government schemes to make your dream of homeownership a reality.
